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Monday, 18 October 1999
Page: 9795

Senator MURRAY (1:13 PM) —I have three things to say. I repeat that this has emerged relatively late in the process, which does not condemn it, I might say very particularly. The limited advice I have received to date indicates there is no particular magic to this amendment. The government bill asks that fair value for the securities be a condition. Fair value, in my view, would take into account being reasonable, being fair and other matters. I do not think the actual amendment adds that much to the process, but neither do I think it takes that much away. However, I have clearly signalled that it is not an issue on which we would insist and hold up the bill. The government has clearly indicated that it is not going to let it through, because it wants to consult further. There is no point in holding up the entire process of the Senate and the House of Representatives when we would not be insisting on passing an amendment, simply because we cannot see either much harm or much good in it. On those grounds, I do not believe it would be right, and that is why I clearly signalled my position earlier on. I do not think it would be right for me to vote for the amendment if the government is not going to let it go through once it goes to the House of Representatives, which the government has indicated it will not. On those grounds, I will simply vote against it, and I look forward to the government referring the matter for early report to the corporations and securities committee.